Hire bankruptcy attorney Tempe to find the relevant facts for filing your case

However, for various reasons, we face financial problem, resulting in debts. The minor debts may not cause much concern to us. However, with an increase of debts, we cannot pay off all the loans. At that time, we file for the bankruptcy case in Mesa and Tempe. These are two cities of Arizona, and the lawyers in this state know all the updated information.

Why should you file bankruptcy?

• You can keep you away from the legal responsibility of paying all the debts. We call it as the debt discharge. This offers you an opportunity to refresh your financial status.
  
• Presents the house foreclosure and gives you a chance to deal with the missed payments. However, bankruptcy can never eliminate your liens automatically without any payment.
  
• You can get back your property from the creditor
  
• Keeps you away from the action of creditor for collecting the debt
  
• Prevent your utility service termination
  
• You can challenge creditors’ wrong claims

Bankruptcy attorney Tempe helps you to get more values from filing the case.

What you cannot get from filing the bankruptcy?

You cannot solve all your financial issues by filing the bankruptcy. It is also not the effective option to every debtor. You can hire the bankruptcy attorney in Tempe to file the case confidently. The bankruptcy will not do the following things-

• Cannot eliminate the secured lenders’ rights- You have chosen your house as the loan collateral. After filing the bankruptcy, you may force the creditors for taking the repayments in due course. Bankruptcy just averts your liability of paying the additional amount, while the creditor has taken your property.
  
• Never discharge you of the debts, related to alimony, criminal fines, and student loans
  
• Cannot protect debt cosigners- Your friend or relative may have co-signed your loan. Although you have the discharge, he must repay the loan fully or partially.

Bankruptcy of various types

Bankruptcy cases are of 4 types-

• Chapter 7- We call it as liquidation, as you have to hand over the property that is beyond some limits. Thus, you are selling property for paying the lenders.
  
• Chapter 11- We call it as reorganization. The individuals and businesses, having large debts, choose this bankruptcy.
  
• Chapter 12- The family farmers have to choose it.
  
• Chapter 13- You can pay debts from your present earnings.
  

In most cases, Chapter 7 and 13 are relevant to the lenders. However, bankruptcy lawyer in Mesa knows about all types of cases.

Frequency of filing the bankruptcy-

The minimum gap between two Chapter 7 bankruptcy cases has to be 8 years. While you had received the discharge on the past case, you would not get it for the present one. However, when you had no debt discharge on the past one, the judge will assess the reason. Then, you have a chance of getting this discharge in your present filing. These rules are also applicable for Chapter 13 filing.

Can you get back the driver license by filing bankruptcy?

Your inability to pay the compensation for accident may have caused the loss of license. In that case, you have to file the bankruptcy for restoring the driving license.

Can you file the case alone as a married person?

Although you can do it, your spouse has still the liability in case of the joint debts. Speak to bankruptcy lawyer in Mesa to know about it.